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CGX Energy Inc V.OYL

Alternate Symbol(s):  CGXEF

CGX Energy Inc. is a Canada-based oil and gas exploration company. It is focused on the exploration of oil in the Guyana-Suriname Basin and the development of a deep-water port in Berbice, Guyana. The Company, through one of its subsidiaries, holds an interest in a Petroleum Prospecting Licence (PPL) and related Petroleum Agreement (PA) on the Corentyne block in the Guyana Basin, offshore Guyana. The Company, through its subsidiary Grand Canal Industrial Estates, is constructing the Berbice Deep Water Port. This facility, located on the eastern bank of the Berbice River, adjacent to and north of Crab Island in Region 6, Guyana, is being constructed on 30 acres with 400 m of river frontage. Its subsidiaries include CGX Resources Inc., GCIE Holdings Limited and CGX Energy Management Corp. It is the operator of the Corentyne block and holds a 27.48% working interest. Its Wei-1 exploration well is located west of the Kawa-1 discovery in the northern region of the Corentyne block.


TSXV:OYL - Post by User

Comment by Miftee9on Mar 09, 2022 4:20pm
268 Views
Post# 34500849

RE:RE:Wcp

RE:RE:WcpWCP, it looks like you are assuming the worst case scenario.  Nobody has given away anything since the last rights offering.  We don't know that FEC is going to do another one, loan the money at a higher interest rate or JV.  So, yes, it sucks the price is lower and yes you have a valid reason not to trust management but as I have said before, they have the same goals you do. 

We now have proof of a large find (to be confirmed) once that happens it gives our potential share price a premium regardless of whether or not people are manipulating the stock.  My big concern is there is a buy out by FEC of CGX at a discount.  However, for that to happen,  they have to get an independent 3rd party valuation called a (Fairness Opinion) before any such move occurs.  Whoever gives this opinion has to give us a better value then what it is trading at.  Many on this board have completed a back of the napkin price per share based on Kawa, the Port and its prospects.  If you gave zero value to the prospects and our find is in fact confirmed to be a monster then a takeout will have to be something further north than $3.  The mechanism is there to protect the minority shareholder.  Now, I cannot say if the valuator will be crooked but if you assume they are not, we are in a much better place today then we were 8 weeks ago.  I personally believe a JV is in the works.
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